Royal London Asset Management Ltd. Has $19.02 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Royal London Asset Management Ltd. grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 8.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 197,620 shares of the company’s stock after purchasing an additional 14,866 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Otis Worldwide were worth $19,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. LGT Group Foundation lifted its stake in Otis Worldwide by 105.3% in the second quarter. LGT Group Foundation now owns 5,306 shares of the company’s stock valued at $511,000 after buying an additional 2,721 shares during the period. United Services Automobile Association boosted its stake in Otis Worldwide by 255.5% during the 2nd quarter. United Services Automobile Association now owns 49,237 shares of the company’s stock worth $4,740,000 after acquiring an additional 35,386 shares during the last quarter. Choreo LLC grew its holdings in Otis Worldwide by 190.4% during the second quarter. Choreo LLC now owns 17,948 shares of the company’s stock valued at $1,704,000 after purchasing an additional 11,767 shares during the period. Prudential PLC increased its stake in Otis Worldwide by 76.9% in the second quarter. Prudential PLC now owns 31,515 shares of the company’s stock valued at $3,034,000 after purchasing an additional 13,696 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Otis Worldwide in the second quarter worth $101,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $92.49 on Thursday. The stock has a 50-day simple moving average of $94.62 and a 200 day simple moving average of $95.93. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The company has a market cap of $37.40 billion, a PE ratio of 26.73 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the business earned $0.92 EPS. The business’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.56 annualized dividend and a yield of 1.69%. Otis Worldwide’s payout ratio is currently 45.09%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on OTIS shares. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $98.57.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.